April 15, 2014 Leave a comment
We just published a Temkin Group data snapshot, Channel Preferences and Cross-Channel Activity Benchmark, 2014. The research examines consumer preferences for using different channels for completing common tasks as well as the frequency of several cross-channel interactions.
Here’s the executive summary:
In January 2014, we surveyed 10,000 U.S. consumers about their channel preferences for performing 11 different activities—such as opening an investment account or applying for a new credit card—and the frequency with which they perform common cross-channel activities. This data snapshot breaks down the results by age, examining how channel preferences and cross-channel activity levels vary across age groups. It also analyzes how cross-channel activity levels differ by mobile phone types.
A key component of the research examines how consumers would like to complete 11 different interactions with companies. For seven of the activities, using a computer was the most popular or tied for the most popular channel. At the high end, 71% of consumers want to go online to check the delivery status of a purchase they’ve made. Two-thirds of consumers would prefer to go online to update their address on an account, purchase a new book, and check the balance on a saving or checking account.
But consumers do not want to do everything online. Less than one-third of consumers want to go online to open a new investment account or investigate a mistake in their monthly wireless bill. When it comes to resolving a technical problem on their computers or investigating a mistake on their cell phone bills, consumers most prefer talking to someone over the phone. And they want to meet in-person for activities such as purchasing a new auto insurance policy, selecting a life-insurance policy, and opening a new investment account.
Here are some additional findings from the research:
- Across every age group, consumers most preferred to go online to update their address, check the balance on their savings or checking accounts, check the delivery status of a purchase, and purchase a book.
- The phone is the preferred channel for more than half of consumers 55 and older who are investigating a mistake on their wireless bill and consumers 65 and older who are trying to resolve a technical issue with their computer.
- Meeting with someone in person is the preferred channel for more than half of consumers 45 and older who want to open a new investment account, consumers 75 and older who want to purchase a new auto insurance policy, and consumers 55 and older who want to select a life insurance policy.
- Forty-three percent of consumers check competitors’ prices on their mobile phone when they are in a store.
- iPhone users are the most likely to do all of the cross-channel activities examined in the research while Windows Mobile users are the least likely (out of the four major mobile phone platforms).
The report has 19 data-filled charts. Here’s an excerpt from the first chart in the report that shows the channel preferences of consumers for 11 different activities (the report also includes details by age breakdowns for all of these activities):
The report also examines the frequency that consumers do five different cross-channel activities (the report also includes details by age breakdowns for all of these activities):